Terms of Use

AjoApp Terms of Use

1. Introduction Welcome to AjoApp, a digital platform designed for cooperative savings. By using AjoApp, you agree to comply with these Terms of Use and our Privacy Policy. If you do not agree, please refrain from using the platform.
2. Membership and Participation

• AjoApp operates as a digitised version of the traditional cooperative saving scheme (Ajo).
• Membership is voluntary and requires no mandatory obligation to join.
• Offline members receive a savings card for transaction purposes, which may incur a fee of NGN300.
• Online users do not require no cards and are not charged any registration fee.
• By registering, users agree to these terms and conditions.

3. Contributions and Savings

• Members contribute periodically based on their chosen saving scheme: daily, weekly, or monthly.
• Contributions are saved for future withdrawals according to the user’s saving goals.
• Timely payments are essential to avoid disruptions in the savings cycle. Late payments may incur additional charges.
• A 3.33% maintenance fee on the total savings balance is charged for platform maintenance and operational costs.

4. Payouts and Withdrawals

• Users can manage their savings independently and choose when to withdraw.
• Fixed Savings Plan: Withdrawals are only allowed at the end of the chosen cycle (3, 6, or 12 months).
• Flexible Savings Plan: Withdrawals can be made anytime with a day’s notice.

5. Financial Responsibility

• AjoApp is a facilitator and does not guarantee profits but offers a return on savings between 0.8% and 2%.
• Members are responsible for meeting their financial commitments as agreed.
• Missed payments may incur charges to encourage consistent saving habits.

6. Precautionary Measures

• Ensure your savings card is properly marked by an authorised agent.
• Verify your transaction history in the app regularly.
• Do not transfer savings to any third-party bank account, including agents’ personal accounts.
• Payments should be made only to AjoApp’s official methods (by agent collection) or through the secure Paystack gateway (NGN5 charge applies).

7. Confidentiality and Security

• Member information will be handled with strict confidentiality.
• Users must protect their account details and report any unauthorized access immediately.
• Avoid sharing login credentials with third parties.

8. Dispute Resolution

• Disputes among members will be resolved within the group.
• If unresolved, the matter will be referred to AjoApp’s support team for mediation.

9. Termination of Membership

• Members can exit after completing their current cycle.
• Rejoining requires adherence to the current terms and conditions.

10. Limitation of Liability

• AjoApp is a digital platform for cooperative savings and not a financial institution.
•  For losses caused by member’s defaults, AjoApp shall not be held liable.